Posted On: October 14, 2011
Reuters: After climbing to a near one-month high against the dollar -- apparently on investor confidence that the debt crisis in the euro zone was finally approaching resolution -- the common currency dropped off again on Thursday as worries returned to markets over European banks and deteriorating growth in the euro area in general.
Brendan McGrath, National Corporate Risk Manager for Western Union Business Solutions in Victoria, comments for the Reuters market update.
NEW YORK, Oct 13 (Reuters) - The euro slipped against the dollar on Thursday a day after hitting an almost one-month high, as investors refocused on worries about European banks and a deteriorating growth outlook for the euro zone.
Disappointing trade data from China further weighed on risk appetite and pressured the euro. The common currency's recent move has correlated closely with investor demand for stocks and other risky assets.
European Central Bank policy makers warned on Thursday that the euro zone could fall back into recession. The ECB also warned that forcing private bondholders to accept losses on euro zone sovereign debt could damage the euro and hurt banks.
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